Actually......
Back in the days when Yahoo! was the biggest thing on the Internet, there was an article talking about how Yahoo! was only paying for around half of the cost of their total bandwidth usage. How? Instead of sending all of their data over transit, around half of their data went over links directly connected to large ISPs (peering links). At the time, transit was common. Only large telecom (backbone) providers were well peered across the nation. More and more content providers started doing this. For example, AOL bought a national network from IBM so they could do the same thing. Peering. Peering was the thing that saved the Internet. Robert Metcalfe's famous prediction that the Internet would collapse due to all the traffic on the backbone networks didn't happen because of the growing popularity of peering.
A lot has changed since then. Peering very common and the business of peering has changed. A important part of a CDN is peering. Peering went from something that is a win-win for a content provider-ISP to a service a last mile can charge for (last mile networks are valuable). Note the fee for peering is still cheaper than transit. That is what makes it attractive to companies like Netflix. I can't imaging what Netflix's bandwidth bill would be if they were ONLY using transit. Peering saves them a TON of money.
The reason Net Neutrality is brought up in the context of peering is that NN first started as a discussion of traffic shaping/filtering/blocking. Then the Netflix issue with their CDN (Cogent) hit the news and everyone seemed to treat it as a NN issue. It wasn't a NN issue, it was a peering issue. My fear is that NN would encompass peering. When all this was going down the FCC make a statement that they were watching the Netflix situation, but didn't consider peering part of NN. Unfortunately, some people disagreed (IMHO, mainly due to ignorance). If peering were to be part of NN, then, yeah, large content providers (e.g. Netflix, Google) could demand cut rate deals on peering. Or, like the initial post argues, "free bandwidth", which has NOTHING to do with the ORIGINAL intent of NN.